Singapore set to join 'forward-looking' US-led Indo-Pacific Economic Framework: PM Lee
Singapore is poised to join an economic framework for the Indo-Pacific region that will be launched by the United States this week, with Prime Minister Lee Hsien Loong saying it reflects an “intent to cooperate on economic issues which are relevant” to the region.
“Singapore is planning to join. It is not quite a substitute for the TPP, but it is a forward-looking agenda,” Mr Lee said, referring to the Trans-Pacific Partnership — a free trade agreement which the Donald Trump administration withdrew from in 2017.
“We support it, because it is a valuable sign that the Biden administration understands the importance of economic diplomacy in Asia. And we hope that one day the political situation in America will enable them to resume talking about a free trade agreement in some form, and talk about market access.”
Slated to be launched by US President Joe Biden on Monday, the Indo-Pacific Economic Framework is part of the US’ economic strategy in the region and has been touted by analysts as a means to counter Chinese influence in the region.